March Crude followed through on yesterday’s bearish price action following larger than expected builds in inventories and technical resistance just shy of yesterday’s mid-range.

Already violating the low of January, the active WTI crude contract only has a 10% chance of making new 2012 highs this month and should continue its slide to test $95.

Projected Daily Range: 2.48

Projected Weekly Range: 4.62

Projected Monthly Range: 10.15

VRCB generated on the spot monthly chart

NGH12:

Trends are bearish.

VRCB generated today. STT 1 confirmation of a top with a range violation @ 2.452. STT 2 confirmation of a top with a close @ 2.382 or lower. Downside Target = 2.111.

Nat Gas pushed lower again today, setting up for its biggest one week decline in months after achieving our initial downside target of 3.377.

To restate our earlier projections, the next downside objective comes in @ 2.161 with an extreme medium term target of 1.779.

Projected Daily Range: .196

Projected Weekly Range: .440

Projected Monthly Range: .760

Parrish Hicks Capital Research is a trading technical analysis firm that specializes in WTI. The two founders, Jim Parrish and Kris Hicks, have a combined 38 years experience in the commodity business and in 2011 accurately called both $25 moves to the downside in May and July and the $25 move to the upside in October. Their trading methodology confirms tops/bottoms, projected trading ranges and projected targets for those ranges. Although their expertise is focused on WTI, they also provide technical analysis on 16 commodity markets including the energies, metals, equity index, currencies, grains, meats, soft’s and interest rates. You can reach them atJim@ParrishHicks.com andKris@ParrishHicks.com.